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U.S. senators plan to amend the GENIUS Act to prevent the Trump family from profiting from stablecoins.
[U.S. Senators Propose Amending the GENIUS Act to Prevent the Trump Family from Profiting from Stablecoins] U.S. Senate Minority Leader Chuck Schumer, Elizabeth Warren, and Jeff Merkley will propose an amendment to the "GENIUS Act" (the U.S. National Stablecoin Innovation and Establishment Act) to prevent the U.S. President from profiting from stablecoins. Merkley stated, "If we do not include anti-corruption amendments, it is tantamount to Congress endorsing Trump selling influence to the highest bidder." Trump and his three sons have been involved with the World Liberty Financial (WLFI) platform, which launched the USD1 stablecoin in March. Critics point out that if relevant legislation recognizes USD1 as a financial instrument, the President may benefit from it.